Wednesday, August 7, 2013, 8:08 AM

The Economic Development Digest - August 6, 2013


Womble Carlyle’s Economic Development Digest aggregates news, opportunities and legislation impacting business in the Southeast and Mid-Atlantic U.S.

In this week's Economic Development Digest:

California
  • Obama economic tour attracts low expectations, The San Mateo Daily Journal (July 26, 2013)
    The broad economic themes Obama plans to address during his economic tour will be drilling down on key sectors such as manufacturing, education, housing, retirement security and health care.
Maryland
  • Baltimore violated Open Meetings Act on Harbor Point Deal, The Baltimore Sun (July 30, 3013)
    Baltimore’s Board of Finance violated transparency laws by meeting behind closed doors in approving more than $100 million in public financing for a development southeast of the Inner Harbor.
North Carolina
  • Tax reform a reversal of fortune for city, High Point Enterprise (July 29, 2013)
    A sales tax overhaul recently signed into law in North Carolina will actually increase funds for High Point, North Carolina.
  • 'Reform' is really just a tax cut, News & Observer (July 26, 2013)
    Will the tax reform in North Carolina boost the level of economic activity, or will it result in small businesses paying more taxes?
  • Audit criticizes NC economic development program, Fort Mills Times (July 30, 2013)
    A North Carolina audit finds problems with a program that gives businesses tax breaks, in particular the Commerce Department’s Job Development Investment Grant program.
South Carolina
  • Florence wins economic development award, Florence Downtown (July 30, 2013)
    The City of Florence, South Carolina has received an award from the Municipal Association of South Carolina for its downtown revitalization efforts.
  • $60M development plan proposed for Myrtle Beach, The Sun News (July 25, 2013)
    The Myrtle Beach Regional Economic Development Corp. has proposed spending $60 million over the next 15 years to attract business and industry to Myrtle Beach.
  • Charleston region export plan calls for collaboration and funds, The Post and Courier (August 1, 2013)
    World Trade Center Charleston and the Charleston Metro Chamber of Commerce have teamed up with the Brookings Institution, and Brookings has identified Charleston as one of eight communities selected to participate in a program to develop plans to increase exports based on local assets and capacities.
Texas
  • Texas amends franchise tax calculation to attract businesses, TaxAnalysts.com (June 14, 2013)**
    Texas HB 500 makes multiple amendments to the calculation of franchise tax, including providing a temporary rate reduction in fiscal 2014 and 2015, allowing a taxpayer to determine margin as total revenue less $1 million, amending the apportionment method for Internet hosting businesses, and providing other incentives for relocating to Texas.
Womble Attorneys Abroad
Womble Carlyle attorney, Morris Ellison, presents to the Israel America Chamber of Commerce in Tel Aviv:

U.S. Real Estate: How Component Analysis applies to Israeli Investors

Commercial real estate investors generally acquire properties based on total cash flow, rather than on the perceived value of the property’s individual components generating that cash flow. Increasingly, component analysis is impacting real estate in the United States in a number of ways. This presentation will focus on:
  • What is component analysis?
  • What are the types of real estate investments impacted by component analysis?
  • What is “business enterprise value?”
  • What is “go dark” value?
  • How are these concepts changing the environment for real estate deals and lending in the United States?
  • How do these concepts impact income and real estate taxes for Israeli investors in the United States?
  • How is the American regulatory system changing to use these concepts to impact real estate deals and loans?
  • Understanding the changing environment can assist Israeli real estate investors and owners

**Note: a paid subscription is required to access this article. A brief description has been provided. Please contact Womble Carlyle’s Economic Development Team for more information on these developments.

Womble Carlyle's Economic Development Team helps clients explore opportunities for locating or expanding operations in the Southeast and Mid-Atlantic U.S. Our Economic Development Team combines a thorough working knowledge of economic development incentives; land use and siting procedures; and regulatory matters at the state, county and local levels, drawing on strong relationships built over many years with key governmental and civic leaders. For more information visit www.wcsr.com/economicdevelopment.

If you have any questions about this Economic Development Digest, please e-mail EconDigest@wcsr.com or contact any member of Womble Carlyle's Economic Development Team.

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